Position
Title: Underwriter
Department:
Multifamily Financing
Join our Team! At
IHDA we strive to create and maintain a work environment that promotes
diversity, recognition and inclusion. IHDA is committed to hiring and investing
in individuals of diverse talents and backgrounds to ensure a range of
perspectives and experiences inform and guide our work of financing affordable
housing in the state of Illinois.
Who we are: The Illinois Housing
Development Authority (IHDA) is one of the Nation’s preeminent Housing Finance
Agencies and one of the State’s ten largest financial institutions. Our mission
is to finance the creation and preservation of affordable housing across the
state. IHDA oversees more than 20 federal and state programs on behalf of the
state of Illinois and serves as one of the state’s primary resources for
housing policy and program administration. For over 50 years, IHDA has led the
state in financing and supporting affordable housing.
Summary: Under
the supervision of the Manager, the Underwriter is responsible for evaluating
the credit quality of affordable multifamily loans originated by the
Authority. This individual will review
loan proposals for credit risk, obtain all necessary approvals, oversee the
preparation and issuance of term sheets, application letters, &
commitments, and see each approved loan through from application to final
closing. The position requires a
specific skill set experience in multi-family development, Low Income Housing
Tax Credits (LIHTC) and first mortgage financing. The Underwriter is responsible for preparing
documents to submit to HUD in connection with obtaining credit enhancement on
Authority originated first mortgage loans.
Essential
Functions:
• Evaluate,
structure, and negotiate complex multifamily financing proposals for credit
risk and financial feasibility.
• Analyze,
interpret and underwrite transactions in compliance with the Qualified
Allocation Plan and other legal, administrative, and other standards/policies
as applicable. Quickly discern loan
strengths and weaknesses while identifying mitigants and necessary action steps
for each loan
• Perform
thorough and timely transactional due diligence, including: o Analysis of historical property
operating data, cash flow pro-formas, and tax credit basis projections and
sources and uses statements.
o Credit review of borrower financial
position and experience; review of third-party reports
(architectural, environmental and
appraisal) and construction draw schedules; and, o Review
of subordinate debt and equity documents for projects using various financing
sources (HOME, CDBG, LIHTC, IAHTF, IAHTC, TIF and AHP)
• When
feasible, inspect property and competing properties and the neighborhood/market
for condition and income producing ability.
• Coordinate
with development team to management timeline and closing schedule. Key Authority contact for closing the
transaction including the review and reconciliation of all finance related
documents.
• Must
work collaboratively with other departments in the Authority in order to keep
projects moving forward. Key contact for
the development team to identify problems and find solutions to issues that
arise during the underwriting and due diligence period.
• Prepares
and presents financing request summary packages for internal loan committee,
Illinois Affordable Housing Trust Fund Advisory Commission and the Board.
• Participates
in public meetings, makes presentations and responds to inquiries both internal
and external regarding Authority resources or processes.
• Effectively
communicate deal specifics to internal colleagues and external customers,
including issues that arise during the underwriting and loan closing process.
• Build
relationships with internal and external clients and partners to enhance
underwriting execution.
• Performs
other duties and undertakes special projects as directed by the Underwriting
Manager, Director of Business Development or Managing Director of Multifamily
Financing.
• Maintains
a comprehensive knowledge of loan practices and financing options, including
state loan programs, HOME, federal and state housing tax credit programs and
other federal financing sources or alternatives. Periodic written assessments may be required.
Education
and Experience Requirements:
• Bachelor’s
Degree (B.A.), or higher, in Finance, Business Administration, Economics, Urban
Studies, Public Administration, Public Policy, or a related field, or any
equivalent combination of experience, education, and/or training.
• Must
have knowledge of the terms and concepts of real estate finance
• FHA
Risk Share, agency lending, and Multifamily Accelerated Processing (MAP)
experience preferred
• Multifamily
loan underwriting experience required
• Proficient
in Microsoft Office, especially Excel and Word.
• Demonstrated
ability to organize and prioritize projects; complete multiple tasks on
schedule; adhere to deadlines.
• Strong
work ethic and pro-active team player able to work effectively in a fast-paced
environment.
• Excellent
written, verbal and interpersonal communication skills.
• Ability
to manage diverse stakeholder groups, exercise sound judgement and anticipate
challenges and respond accordingly.
• Ability
to problem solve and exercise independent judgement while displaying a high
degree of initiative and accuracy.
What
we Offer:
• Paid
time off, plus paid holidays
• Currently
in a hybrid work arrangement, but candidates must reside in Illinois at time of
hire
• Medical/dental/vision
insurance plan
• Life
insurance, short/long term disability, tuition reimbursement, and flex spending
• 401K
plan – immediate vesting
• IHDA
employees may be eligible for federal loan forgiveness programs
Must
be a resident of Illinois or willing to relocate. Flexible scheduling is
available, upon completion of a sixmonth probationary period.
To apply, submit resume to:
https://workforcenow.adp.com/mascsr/default/mdf/recruitment/recruitment.html?cid=ee890b7a-c9a4-4880b61b-79abf60f096e&ccId=19000101_000001&jobId=487272&source=CC2&lang=en_US